It is tax season once again and you are getting ready to file or have your accountant prepare your personal return. If you employed a household worker last year – like a nanny, housekeeper, or senior caregiver – you may be wondering … what is Schedule H, and do I need to file it? Here is everything you need to know.
It’s tax season! And one of the first steps for household employers is to provide Form W-2 to their workers. They will need this document to file their personal tax return. Here is how to prepare and create a Form W-2 for your nanny.
Being a household employer comes with a fair share of paperwork. Getting set up as an employer, withholding and remitting nanny taxes, and taking care of year-end taxes all require forms to be filled out by you and/or your nanny. Here are the 10 nanny tax forms every household employer will need.
One of the most common questions (and misunderstandings) surrounding household employment is whether a family can provide their nanny a 1099 at tax time and consider them an independent contractor rather than a household employee. The short answer is “no.” Here’s why and answers to other questions you may have.
Questionable tax practitioners and independent promoters selling schemes like CRATs and monetized installment sales can leave wealthy taxpayers vulnerable to underpayment tax penalties or civil fraud penalties.
When preparing your personal tax return, you may be looking for ways to reduce your tax obligation. Can you claim your nanny’s wages for a tax break? Before filing your tax return, here are 8 questions (and one bonus question) to determine if you qualify for tax breaks.
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